I see the gold pullback as a rotation and liquidity-driven correction, not a structural breakdown. ETF outflows reversing last year’s inflows explain much of the weakness, while central bank buying still supports the long-term floor.
On bank views, I sit between extremes: JPMorgan’s $JPMorgan Chase(JPM)$ bullish long-term debasement case versus Citi’s $Citigroup(C)$ near-term caution from rates and AI-driven risk-on flows. I’m cautious short term but not bearish on the broader cycle.
For ETF flows, I wouldn’t follow the selling, but I also wouldn’t rush to buy. I’d wait for stabilization around $4,300–$4,400 and slowing outflows before gradually adding exposure as a hedge. I also see this as a positioning reset rather than a thesis breakdown. If macro risk sentiment shifts again, gold can reassert itself quickly.
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